According to AFS, Kazakhstan net pension assets reach $11,170.0 m. as of June 1, 2008

/IRBIS, Vitaliy Tomskiy, July 2, 2008/ - According to the data of the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations (AFS), the total amount of net pension assets (PA) in the republic (total pension assets excluding obligations on charged commission interests, creditors' debts on pension payments) as of June 1, 2008 reached KZT1,346,750.0 m. or equivalent of $11,170.0 m. at the weighted average exchange rate effective on the mentioned date. Corresponding indicator as of May 1, 2008 - KZT1,300,100.4 m. or $10,800.0 m. In May 2008 net assets of accumulative pension funds (APF) grew by 3.59 % in tenge and by 3.42 % in dollar terms. In April 2008 assets increased by 2.43 % in tenge and by 2.69 % in dollar equivalent. As of the beginning of June 2008, the total sum of pension assets made KZT1,352,405.0 m., of which KZT1,331,857.3 were invested. During May 2008, there were four specialized organizations carrying out pension assets investment management activity (PAIMO) and 14 APF. Nine funds - Accumulative pension fund of Halyk Bank of Kazakhstan JSC, APF SAPF JSC, SB JSC Bank TuranAlem JSC, APF BTA Kazakhstan JSC, APF Capital JSC, APF Kazakhmys JSC and OAPF Otan JSC, OAPF named after Kunaev D.A. JSC, APF NefteGas-Dem JSC and APF SENIM JSC which actually were PAIMO as well, pension assets were controlled independently. Share of PA, which were controlled by these funds, totaled 72.6 % out of the entire amount of PA of the republic, by the beginning of June 2008 (as of May 1, this indicator was 69.4 %). The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of June 1, 2008. Figures in parentheses give the same picture as of May 1, 2008. -------------------------------------------------------------------------------- Total assets ------------- Net % of all PA pension of Name of PAIMO / APF assets Volume Kazakhstan Invested -------------------------------------------------------------------------------- PAIMO GRANTUM Asset Management JSC -------------------------------------------------------------------------------- GRANTUM APF JSC 79,437 79,695 5.89,(5.98) 79,519 -------------------------------- --------- --------- ------------- --------- Total 79,437 79,695 5.89,(5.98) 79,519 -------------------------------- --------- --------- ------------- --------- PAIMO ZHETYSU JSC -------------------------------------------------------------------------------- APF UlarUmit JSC 232,343 233,568 17.27,(17.20) 226,545 APF Korgau JSC 19,823 19,873 1.47,(1.48) 19,787 -------------------------------- --------- --------- ------------- --------- Total 252,166 253,441 18.74,(18.68) 246,332 -------------------------------- --------- --------- ------------- --------- PAIMO Premier Asset Management JSC -------------------------------------------------------------------------------- APF Respublika JSC 4,443 4,458 0.33,(0.29) 4,359 -------------------------------- --------- --------- ------------- --------- Total 4,443 4,458 0.33,(0.29) 4,359 -------------------------------- --------- --------- ------------- --------- PAIMO Nur-Trust JSC -------------------------------------------------------------------------------- OAPF Atameken JSC 32,209 32,375 2.39,(2.40) 31,586 Total 32,209 32,375 2.39,(2.40) 31,586 -------------------------------- --------- --------- ------------- --------- APF, operating as pension assets management companies independently -------------------------------- --------- --------- ------------- --------- OAPF named after Kunaev D.A. JSC 28,772 28,822 2.13,(2.18) 28,211 APF SENIM JSC 43,396 43,471 3.21,(3.29) 42,756 APF NefteGas-Dem JSC 33,129 33,266 2.46,(2.45) 33,214 APF SAPF JSC 222,105 223,125 16.50,(16.63) 220,671 APF SB JSC Bank TuranAlem BTA Kazakhstan JSC 149,175 149,867 11.08,(10.95) 147,456 APF of Halyk 397,741 399,320 29.53,(29.49) 394,713 Bank of Kazakhstan JSC APF Kazakhmys 27,199 27,334 2.02,(2.02) 27,035 -------------------------------- --------- --------- ------------- --------- OAPF Otan JSC 35,098 35,231 2.61,(2.58) 34,063 -------------------------------- --------- --------- ------------- --------- JSC APF Capital JSC 41,879 41,999 3.11,(3.08) 41,943 -------------------------------- --------- --------- ------------- --------- Total 978,495 982,434 72.64,(69.37) 970,061 -------------------------------- --------- --------- ------------- --------- TOTAL pension assets 1,346,750 1,352,405 100.0 1,331,857 -------------------------------------------------------------------------------- The biggest APF by the end of March from the point of net PA volume (in descending order of PA amount): APF Halyk Bank of Kazakhstan JSC, APF Ular Ymit JSC and APF SAPF JSC By the volume of the managed assets APF Halyk Bank of Kazakhstan JSC is still leading (29.53 % of all PA in management). The second place belongs to APF Ular Umit JSC (17.27 %); the third place APF SAPF JSC - (16.50 %). The highest asset growth rate (17.56 % in tenge) in May was recorded in APF REPUBLIC JSC. In absolute monetary terms on the biggest amount of asset growth the leader is to APF Halyk Bank of Kazakhstan JSC (growth by KZT15,224.0 m.). The second place by this indicator belongs to APF Ular Umit JSC. Its assets have grown during the month by KZT9,509.9 m., the third place belongs to APF DB JSC Bank TuranAlem BTA Kazakhstan JSC (growth by KZT7,276.2 m.) Invested assets by financial instruments as of June 1, 2008 were allocated as follows (figures in parentheses display data for previous two months in reverse chronological order, % are given from full PA): - long-term domestic GS of the Ministry of Finance (KZT) - 20.84 % (20.63 %; 20.21 %); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 4.17 % (3.58 %; 5.01 %); - stocks of foreign issuers (foreign currencies) - 3.99 % (2.99 %; 4.05 %); - corporate bonds of foreign issuers (foreign currencies) - 7.67 % (8.18 %; 7.65 %); - foreign states' securities - 2.21 % (1.95 %; 2.92 %); - stocks of Kazakhstan companies - 13.26 % (13.33 %; 13.47 %); - bonds of Kazakhstan companies - 29.47 % (29.13 %; 30.63 %); - deposits and deposit certificates in the National bank of Kazakhstan and the second tier banks (KZT) - 13.03 % (14.15 %; 11.42 %) - deposits and deposit certificates (foreign currencies) - 0 % (1.30 %; 1.22 %); - refined gold - 3.74 % (2.90 %;2.00 %); - derivative instruments - 0.1 % (0.07 %; -0.05 %). Funds on investment accounts and other assets according to data of AFS as of June 1 constituted for 1.52 % (1.79 %; 1.37 %) of the total amount of PA. Changes in investment structure of aggregated portfolios, managed by pension funds, continue tendencies of the last several months. Under conditions of galloping inflation, having almost touched the point of 20 % APR, it has become difficult to support high earnings of portfolios. It should be pointed out that no pension fund managed to boost a yield exceeding inflation rate (see data on nominal income ratio K2, dated June 13, 2008). In other words, actual yield turned out to be negative. Under these conditions, commercial papers linked to inflation rate look rather attractive. Thus, the stake of long term treasury liabilities of the Ministry of Finance grew to 20.84 %. Among other attractive investment instruments we may distinguish gold, which prices remain high. At the same time, not many pension funds show an interest to it. On the whole, activities of pension assets managements look adequate in the current situation and fall of inflation rate, due to happen by National Bank's forecast in the second half of the year, will allow funds to show very good results. [2008-07-02]